A patent was acquired by Crane Corporation on January 1, 2017, at a cost of $98,400. The useful life of the patent was estimated to be 10 years. At the beginning of 2020, Crane spent $16,380 in successfully defending an infringement of the patent. At the beginning of 2021, Crane purchased a patent for $27,300 that was expected to prolong the life of its original patent for 5 additional years.

Calculate the balance in the Patent account at the beginning of 2021, after purchase of the additional patent.

Balance in the Patent account